I’m also wondering how to make sure my children are going to be OK if I should die
Q My partner is about to move in with me and is contributing £10,000 from the sale of his flat. I however already have a hefty equity of around £210,000. The property is worth around £330,000.
When he moves in I am going to put him on to the mortgage and then we will immediately re-mortgage to pay for home improvements of around £70,000. We will then have a total mortgage of around £160,000 which we will be paying off jointly in 50-50 payments. What is the fairest way to divide up the shares in the house as tenants in common? Also, I have two children from a previous relationship (he has no children), so what would happen to their inheritance if I died? Do I need a life insurance policy? I’m finding it all very confusing and would appreciate your help.
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